Topic 12: Other Recievables and Payables Flashcards
1
Q
What is the purpose of making adjustments for other receivables and payables?
A
it is to produce a set of accounts that provider a ‘true and fair view’ of a firms financial circumstances
This allows for a more meaningful comparison of financial statments year on year
2
Q
What are other recievables?
A
other receivables are moniews owed to the company, other than monies owed by trading costomers.
3
Q
What are other payables?
A
other payables are monies owed by the company, other than monies owed to trading suppliers
